Ethereum

Solana

Satoshi Nakamoto

Bitcoin ETF

Bitcoin

<p class="is-style-lead">Last week, Ethereum welcomed the Dencun upgrade, leading to a reduction in transaction fees across several layer-2 protocols. Bitcoin (BTC) slipped below the $65,000 mark while spot Bitcoin ETFs continued to hit new records, clinching a peak trade volume.</p>
<h2 class="wp-block-heading" id="ethereum-welcomes-dencun">Ethereum welcomes Dencun</h2>
<ul>
 <li>The Dencun upgrade finally <a href="https://crypto.news/dencun-update-live-ethereum/" rel="noopener noreferrer nofollow">went</a> live on the Ethereum network, marking the start of “The Spurge.” Notably, the update went live on March 13, exactly as scheduled by developers.</li>
</ul>
<ul>
 <li>Shortly after Ethereum witnessed the implementation of the upgrade, crypto.news <a href="https://crypto.news/average-transaction-fees-on-ethereum-l2-networks-drop-following-dencun-upgrade/" rel="noopener noreferrer nofollow">reported</a> a massive reduction in average transaction fees across multiple Ethereum layer-2 protocols.</li>
</ul>
<ul>
 <li>Zora saw a 99% drop in average cost to $0.003 on March 14, while Optimism recorded a 98.8% collapse to $0.035 within the same timeframe. Base also witnessed a similar decline in fees to $0.035 per transaction.</li>
</ul>
<ul>
 <li>Arbitrum’s fees remained with the same level, as the protocol decided not to implement blobs yet. Instead, they <a href="https://crypto.news/arbitrum-reducing-gas-fees-dencun/" rel="noopener noreferrer nofollow">revealed</a> plans to implement blobs through the imminent ArbOS update.</li>
</ul>
<h2 class="wp-block-heading" id="microstrategy-augments-bitcoin-bag">MicroStrategy augments Bitcoin bag</h2>
<ul>
 <li><a href="https://crypto.news/microstrategy-bitcoin-820-million/" rel="noopener noreferrer nofollow">Reports</a> from the start of the week suggested that MicroStrategy had augmented its Bitcoin holdings, procuring $821 million worth of the crypto asset amid its price discovery phase.</li>
</ul>
<ul>
 <li>The broader crypto market witnessed a rollercoaster ride this week. Bitcoin began the week strong, eventually <a href="https://crypto.news/bitcoin-reaches-a-new-ath-accumulation-increases/" rel="noopener noreferrer nofollow">soaring</a> to a new all-time high of $73,750 on March 14 amid intense accumulation from long-term holders and whales.&nbsp;</li>
</ul>
<ul>
 <li>The rest of the market rode on the sustained uptrend, leading to a rapid spike in the global crypto market cap. Dogecoin (<a href="https://crypto.news/price/dogecoin/" rel="noopener noreferrer nofollow">DOGE</a>) also took center stage when it <a href="https://crypto.news/dogecoin-surges-11-after-elon-musk-announces-future-tesla-payment-option/" rel="noopener noreferrer nofollow">rallied</a> 11% after Elon Musk’s said the asset could be leveraged as a payment method for Tesla.</li>
</ul>
<ul>
 <li>DOGE and the rest of the market <a href="https://crypto.news/dogecoin-shiba-inu-face-sharp-declines-market-corrects/" rel="noopener noreferrer nofollow">fell</a> as BTC faced intense selling pressure above the $73,000 mark. The leading crypto asset <a href="https://crypto.news/bitcoin-retreats-from-record-high-amid-analyst-warnings-of-20-market-correction/" rel="noopener noreferrer nofollow">slumped</a> to a low of $67,000 on March 15, with ITB analysts warning of a steeper correction.</li>
</ul>
<ul>
 <li>Bitcoin’s correction spilled into the next day, with the asset collapsing below $65,000 on March 16 to hit a 10-day low of $64,780. However, BTC found a floor at this price, subsequently recovering above $67,000.</li>
</ul>
<ul>
 <li>Market watchers remain optimistic. Kevin Svenson, a veteran trader, <a href="https://crypto.news/bitcoin-btc-may-hit-83k-before-halving-kevin-svenson/" rel="noopener noreferrer nofollow">expects</a> BTC to reach $83,000 after the halving slated for next month.</li>
</ul>
<h2 class="wp-block-heading" id="solana-bome-buck-the-trend">Solana, BOME buck the trend</h2>
<ul>
 <li>Solana (<a href="https://crypto.news/price/solana/" rel="noopener noreferrer nofollow">SOL</a>) and its ecosystem meme tokens, including Book of Memes (BOME), continued to record massive gains despite the market-wide downtrend.</li>
</ul>
<ul>
 <li>Solana <a href="https://crypto.news/solana-jupiter-top-gainers-memecoin/" rel="noopener noreferrer nofollow">saw</a> an impressive 10% gain in the space of 24 hours, with some of its associated meme coins, such as Jupiter (JUP) and dogwifhat (WIF) seeing rapid surges.</li>
</ul>
<ul>
 <li>Book of Memes, a new Solana-based meme coin launched on March 14, also rode on the uptrend in the Solana ecosystem. The asset <a href="https://crypto.news/book-of-meme-bome-skyrockets-345-percent-24hrs/" rel="noopener noreferrer nofollow">spiked</a> 345% in the 24 hours leading to March 16, and by 39,000% from March 14 to 16.</li>
</ul>
<h2 class="wp-block-heading" id="spot-bitcoin-etfs-continue-to-see-record-figures">Spot Bitcoin ETFs continue to see record figures</h2>
<ul>
 <li>The spot Bitcoin ETF market garnered significant attention this week, as the investment products sustained demand. The previous week was a success, as reports from March 11 confirmed that the crypto market saw a record $2.7 billion inflow last week.&nbsp;</li>
</ul>
<ul>
 <li>Spot Bitcoin ETFs continued to break records, seeing the <a href="https://crypto.news/bitcoin-etfs-shatter-records-with-14261-btc-bought-in-a-single-day-setting-stage-for-price-surge/" rel="noopener noreferrer nofollow">purchase</a> of 14,261 Bitcoin tokens on March 12. This overshadowed the 900 BTC produced by miners that day.&nbsp;</li>
</ul>
<ul>
 <li>Market specialists at Bitcoin mining firm Luxor Technology <a href="https://crypto.news/investors-shift-away-from-bitcoin-mining-stocks-as-spot-etfs-open-new-avenue-luxor-says/" rel="noopener noreferrer nofollow">revealed</a> that investors have pivoted from crypto mining stocks to these products. Despite the demand, Vanguard’s outgoing CEO <a href="https://crypto.news/vanguard-groups-outgoing-ceo-still-not-bullish-on-bitcoin-etf/" rel="noopener noreferrer nofollow">remained</a> bearish on the products.&nbsp;</li>
</ul>
<h2 class="wp-block-heading" id="craig-wright-is-not-satoshi-uk-court-rules">Craig Wright is not Satoshi, UK court rules</h2>
<ul>
 <li>In the COPA vs. Craig Wright case, the U.K. High Court ruled that Wright is not Bitcoin founder Satoshi Nakamoto despite his persistent claims.&nbsp;</li>
</ul>
<ul>
 <li>COPA’s aim was to prevent Wright from filing further lawsuits against community figures for debunking his claims. This week, the U.K. court <a href="https://crypto.news/craig-wright-bitcoin-satoshi-nakamoto/" rel="noopener noreferrer nofollow">ruled</a> that evidence points to the fact that Craig Wright is not Satoshi.</li>
</ul>
<p>Read more: <a href="https://crypto.news/the-missing-link-in-a-decentralized-internet-is-confidentiality-opinion/" rel="noopener noreferrer nofollow"> The missing link in a decentralized internet is confidentiality </a></p>

Dencun reduces Ethereum L2 fees, Bitcoin dips below $65k, spot Bitcoin ETFs hit record volume | Weekly Recap

Table of Contents

crypto.news

Other articles published on Mar 17, 2024

Dark and Darker Returns: Set to Debut on Epic Games Store

Navigating The Lands Between An Optimal Progression Route for Elden Ring Players

9 Innovative Bitcoin ETFs Overtake GBTC, Amassing 450,000 BTC Worth Beyond $30 Billion

Capcom Announces Influencer Pawns in Dragon’s Dogma 2

Marathon Digital Set to Acquire $87.3M Bitcoin Mining Facility

SUI Price In Consolidation Mode, Is a Possible Correction Ahead?

Join our free newsletter for daily crypto updates!